Bitcoin has performed well since the beginning of the year, reaching its all-time highs and establishing dominance in the market. However, amidst the bull market, several altcoins have outperformed Bitcoin. Notably, six altcoins within the top 50 token rankings have distinguished themselves by surpassing Bitcoin’s performance metrics thus far leading the pack is the meme coin dogecoin, which has seen a year-to-date increase of over 77% currently, trading at $0.1673. Other top performers include meme coins like Shiba Inu, Bitcoin smart contract network stacks, Binance’s BNB, Ethereum layer-2 network Mantle, and GP-sharing blockchain network render. However, the most significant growth has been observed in meme coins.
Bitcoin’s price on 1st January is $44,100 which has surged nearly $65000 marking an increment of 54%. This surge can be attributed to the approval of 10 spot Bitcoin exchange-traded funds in January and continuous institutional inflows, resulting in a net inflow of over $12 billion. Additionally, Bitcoin’s market dominance has reached a new 3-year high of 56.5% as of April 13th. It is expected that there could be an increment in the price and dominance of Bitcoin over the crypto market after the halving event in April. Speculations suggest that Bitcoin’s price could reach around %80000 post the halving event, which could also impact altcoins positively, potentially leading to more altcoins outperforming Bitcoin.
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